Bloodhound Programme enters administration

Tue, 16 Oct 2018 | ADMINISTRATION



The Bristol-based company that commissioned the project to break the land speed record has gone into administration to find a solution in order to take the project to completion.

Partners of specialist business advisory firm FRP Advisory LLP, Andrew Sheridan and Geoff Rowley, have been appointed as joint administrators of Bloodhound Programme. Talks are currently underway to find potential solutions and offers are being invited.

Joint administrator Andrew Sheridan said: "Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the UK and across the world.

"Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.

"Whilst not an insignificant amount, the £25 million Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team.

"This is an opportunity for the right investor to leave a lasting legacy. We are already in discussion with a number of potential investors and would encourage any other interested party to contact us without delay."

The Bloodhound supersonic vehicle is already built and has been conducting low-speed trials however needs the further investment if it is to have any chance of breaking records in South Africa.

Mark Chapman, chief engineer of Project Bloodhound, said: "As we now move out of the R&D phase and into the operational phase of the project, we recognise that we need a different approach to funding.

"This project is built around the most successful team in the history of Land Speed Racing, and with the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as ten months"

Founded in 2007, Project Bloodhound aims to hit speeds of 1,000 mph on the specially built race track in the Northern Cape of South Africa.

For all our administrations listings, click here. For more news stories about administrations click here.


Share this article



Latest Businesses for Sale

Bar & Function Room
Ilkley, Yorkshire and the Humber, UK

Situated in the heart of Ilkley town centre just off the busy Brook Street. The yard is a stylish bar offering a wide range of drinks, good, quality food, music with varied DJ’s and live artists all encompassed in an interesting layout. Offers invite...

Asking Price: £775,000
Turnover: £600,000

FREEHOLD


Beauty Clinic & Aesthetics
South Yorkshire, Yorkshire and the Humber, UK

This is the finest business operating within the beauty industry. A truly exceptional and unique opportunity to acquire a highly successful aesthetics and beauty clinic, occupying an affluent market town trading position. Offers invited.

Asking Price: £175,000
Turnover: £384,000

LEASEHOLD


Children’s Play Centre
West Yorkshire, Yorkshire and the Humber, UK

An opportunity to acquire this lucrative spacious children’s play centre situated in the heart of a busy West Yorkshire town and with easy parking. The business is worked in easy hours over seven days. Offers invited.

Asking Price: £149,950
Turnover: £391,780

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
26
 
Mar
 

Craft beer company goes under | ADMINISTRATION

With stores in London, Canterbury and Margate, craft beer me...

 
25
 
Mar
 

West Midlands transport company enters administration | ADMINISTRATION

The company behind the Ring and Ride services throughout the...

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
05
 
Mar
 

Independent bathroom retailer enters administration | ADMINISTRATION

Thought to be the UK’s largest independent bathroom re...

 
21
 
Feb
 

Lakeside hotel enters administration | ADMINISTRATION

A historic but well-preserved hotel located on the banks of ...

 
14
 
Sep
 

Edinburgh-based care home enters administration | ADMINISTRATION

After suffering significant cashflow difficulties, Bertinale...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources